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According to Cointelegraph, the Ethereum Foundation has recently faced criticism from the community for selling ETH, unstaking, and having limited public communication. However, blockchain researcher and investor William Mougayar defended it in a post, stating that the outside world has long misunderstood the Foundation's positioning. ETH, the Ethereum network, and the Ethereum Foundation itself are three different aspects: ETH is an asset, Ethereum is a shared computing infrastructure, and the Foundation is a non-profit organization responsible for promoting protocol development, one of its goals even being "to make the founders gradually less important." The Ethereum Foundation is currently on a "subtraction path," strengthening the network by promoting protocol upgrades, funding underlying research, and reducing its own centralized influence.

According to Token Terminal data, Ethereum's monthly transaction count has reached a historic high, exceeding 70 million transactions, while the median transaction fee is approximately $0.00554, marking a historic low.

Hyperbot data shows that the newly opened Ethereum long positions on the Strategy counterparty were all liquidated this morning, and the 40x leveraged Bitcoin short positions were partially liquidated and reduced. Currently, only 8.332 BTC is held, and the overall position has turned from profit to loss, with the current return on investment at -73.05%.

The U.S. spot Bitcoin ETF recorded a net outflow of approximately $1.26 billion this week, marking the largest single-week capital outflow since late January of this year, and has seen net redemptions for six consecutive trading days. Data shows that this type of product saw an outflow of about $649 million just on Monday. Although there was some easing in the following days, the overall trend of continuous outflow remained. Market participants pointed out that the recent rise in U.S. Treasury yields, the strengthening of the dollar, and geopolitical tensions are among the main reasons for the capital withdrawal.At the same time, Ethereum ETFs are also under pressure, experiencing net outflows for 10 consecutive trading days, the longest outflow period since March 2025. The total outflow for the week was approximately $216 million. Among them, BlackRock's iShares Bitcoin Trust (IBIT) currently manages assets of about $61.1 billion, but this is still below the cumulative capital inflow of about $3.7 billion, indicating that recent market price fluctuations have impacted the value of holdings. As of the ETF trading day's close, the Bitcoin price was around $77,500, and Ethereum was about $2,130, maintaining a narrow range of fluctuations overall. Despite the significant short-term capital outflow, the spot Bitcoin ETF has still seen a cumulative net inflow of about $57.1 billion since its launch, with an asset scale of approximately $98.9 billion.

According to Lookonchain monitoring, as the market declines, an early Ethereum OG address has once again started bottom-fishing. On-chain data shows that this address has accumulated 3,942 ETH, worth approximately 8.08 million dollars, with an average purchase price of about 2,049 dollars, and may continue to increase its holdings.Data shows that this address acquired 12,001 ETH from ShapeShift at an average price of about 7.58 dollars ten years ago. Subsequently, it sold all its ETH over a year ago at an average price of about 2,856 dollars, exchanging for 34.3 million USD Coin, with a total profit of approximately 34.2 million dollars, achieving an investment return rate of up to 376 times.

According to Onchain Lens monitoring, as the market declined, Ma Ji (Huang Li Cheng) closed most of his Ethereum long positions (25x leverage). In the process, he encountered partial liquidation again. Ma Ji currently still holds 1700 ETH, just 23 dollars away from the next liquidation. His total losses have approached 33 million dollars.

Santiment released a weekly market summary stating that Bitcoin ETFs have seen net outflows on 9 out of the past 10 trading days, with the current Bitcoin price around $77,500; it views this phenomenon as a reflection of weakening retail confidence.Meanwhile, Ethereum market sentiment has dropped to its lowest level since 2023, but the number of non-zero addresses has reached 192.92 million, which is more than three times Bitcoin's approximately 59 million. Santiment also pointed out that the current ratio of bullish to bearish comments on Bitcoin has risen to 2.23, the highest level within 2026, and historically, such high sentiment often appears before short-term corrections.

According to SoSoValue data, the total net outflow of Ethereum spot ETFs is $6.6736 million.The Ethereum spot ETF with the highest single-day net outflow is the Blackrock ETF ETHA, with a single-day net outflow of $5.6436 million. Currently, the historical total net inflow of ETHA has reached $11.623 billion. The second is the Fidelity ETF FETH, with a single-day net outflow of $1.03 million, and the historical total net inflow of FETH has reached $2.176 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $11.839 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.73%. The historical cumulative net inflow has reached $11.616 billion.

Institutions such as Anchorpoint Financial, OSL Group, and PantherTrade have successfully completed Hong Kong's first approved stablecoin HKDAP's initial end-to-end financial transaction on the Ethereum public blockchain. This digital asset operates under the supervision of the Hong Kong Monetary Authority.The technical execution was jointly completed by Anchorpoint Financial, a fintech company supported by Standard Chartered Hong Kong, and digital brokers OSL Group and PantherTrade. In this blockchain test, participants directly converted traditional physical Hong Kong dollars into reserve assets, triggering the minting of on-chain digital balances, and after the transaction was completed, exchanged the tokens back to fiat bank balances through a redemption agreement.Standard Chartered provided the custody framework and trust services for this. The stablecoin is scheduled to begin phased public issuance by the end of the second quarter of this year.

Hash Global founder Shen Kang (KK) tweeted that Web3, as a technology industry, should not have saviors and should not rely on heroic figures.He believes that Vitalik's line of thinking is correct; Ethereum should remain highly neutral and decentralized, just like Bitcoin, and the fewer people "manage" it, the better. Great and useful technology will grow naturally; if it needs to rely on specific individuals or groups to survive, then it is not worth existing.KK pointed out that Web3 entrepreneurs can easily be distracted by being close to the "casino," but this is a characteristic of the industry, and they should focus on leveraging technological features to create new business models. At the same time, it is normal for early participants to leave; Web3 will ultimately deeply integrate with other technologies like AI, rather than existing independently.

According to Cointelegraph citing Token Terminal data, the market capitalization of tokenized stocks has surpassed $1.6 billion, with Ethereum leading with a market share of 41.1%.

According to Greeks.live, options expiration data shows that 21,000 BTC options are expiring, with a Put Call Ratio of 0.66, a maximum pain point of $78,500, and a nominal value of $160 million; 129,000 ETH options are expiring, with a Put Call Ratio of 0.92, a maximum pain point of $2,200, and a nominal value of $280 million.Analysis indicates that Bitcoin has ended a one-and-a-half-month rebound this week, but the market support remains strong. The market is relatively calm, with low attention; this week, less than 5% of BTC options are expiring, and similarly, only 5% of ETH options are expiring. The delivery volume for BTC is not large, with the maximum pain point close to the current price, resulting in a stronger Gamma/pin effect near delivery; the delivery volume for ETH is only half of last week’s, and the current price is below the maximum pain point. The brief increase in the proportion of ETH options this month has ended, and the short-term implied volatility is likely to decline after delivery.From the main options data, the Skew continues to decline slightly, with the implied volatility for major maturities significantly dropping compared to last week, with a decrease exceeding that of realized volatility, and the volatility risk premium has increased. The implied volatility for major Bitcoin maturities has fallen below 35%, while the implied volatility for major ETH maturities has fallen below 50%, with even lower levels in the short term. Block trades are primarily structured, with large whales continuously building short-term low-cost protective positions, and volatility expectations are low, leading to overall market activity being below expectations.

According to SoSoValue data, yesterday (Eastern Time May 21) the total net outflow of Ethereum spot ETFs was $32.577 million.The Ethereum spot ETF with the highest net inflow yesterday was Blackrock Staked ETH ETF ETHB, with a net inflow of $3.2936 million, and the historical total net inflow of ETHB has reached $518 million. The second was Bitwise ETF ETHW, with a net inflow of $2.1371 million, and the historical total net inflow of ETHW has reached $384 million.The Ethereum spot ETF with the highest net outflow yesterday was Blackrock ETF ETHA, with a net outflow of $38.0076 million, and the historical total net inflow of ETHA has reached $11.629 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $12.211 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.73%, with a historical cumulative net inflow of $11.622 billion.

According to The Block, the Ethereum Layer 2 project Zero Network announced that it will officially shut down soon, just about 1.5 years after its launch. Zero Network was launched by the Zerion team in November 2024, positioned as the first EVM-compatible gas-free Rollup, aimed at lowering user barriers and promoting mainstream adoption.The team stated that they will focus resources on Zerion's API and wallet business. Users need to bridge out their NFTs, ETH, and other tokens from the Zero Network by the end of July, as the bridging deposit function has currently been suspended.

Tom Lee, the chairman of BitMine, Ethereum's largest treasury, stated that Ethereum has a strong group of leaders and developers who can ensure it continues to be the future settlement layer for finance and AI.Currently, much of the bearish sentiment is just despair and mutual blame at the bottom of the crypto winter. Blockchain is the only viable way for agentic AI to conduct business interactions while significantly improving the profitability of the financial system. I will continue to be optimistic about ETH.

According to The Block, former Ethereum Foundation researcher Dankrad Feist posted on the X platform, proposing the establishment of a new organization aligned with the Ethereum economy to "save" Ethereum. He believes that the Ethereum Foundation currently holds less than 0.1% of ETH, with no staking or fee income flowing in, so the new organization needs to raise at least $1 billion in funding, managed by competent leaders, with part of the funds coming from staking income, and driven by a more responsible board to boost Ethereum's price.Feist left the foundation last year to join Layer 1 network Tempo. He co-created the Danksharding shard design in the Ethereum community to enhance Layer 2 scalability, was appointed as a strategic advisor in areas such as L1 scaling and user experience during the restructuring of the foundation's leadership, and proposed EIP-9698, which would increase the Gas limit by 100 times.

According to Lookonchain monitoring, the net outflow of Bitcoin ETFs in the United States was 942 BTC, worth $72.66 million, with a 7-day net outflow of 15,915 BTC, worth $1.23 billion; the Ethereum ETF had a net outflow of 15,222 ETH in a single day, worth $32.44 million, with a 7-day net outflow of 114,871 ETH, worth $244.79 million; the Solana ETF had a net inflow of 8,312 SOL in a single day, worth $723,000, with a 7-day net inflow of 203,326 SOL, worth $17.69 million.

According to GMGN monitoring, the market value of the Ethereum ecosystem token uPEG (Unipeg) has rebounded above 10 million USD, currently reported at 10.5 million USD, with a 24-hour increase of 36%, and a trading volume of 2.3 million USD during the same period.It is reported that Unipeg is an experimental on-chain object based on Uniswap v4 Hooks, which generates a unique unicorn image in real-time after each swap in the liquidity pool.

According to SoSoValue data, as of May 20, Eastern Time, the total net outflow of Ethereum spot ETFs was $28.1395 million.The Ethereum spot ETF with the highest single-day net inflow yesterday was Blackrock Staked ETH ETF ETHB, with a single-day net inflow of $4.3933 million. Currently, the historical total net inflow of ETHB has reached $515 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Blackrock ETF ETHA, with a single-day net outflow of $30.9358 million. Currently, the historical total net inflow of ETHA has reached $11.667 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $12.243 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.75%. The historical cumulative net inflow has reached $11.655 billion.